The European Bank for Reconstruction and Development (EBRD) said on Tuesday that it has reached an agreement with the Ministry of Energy and Natural Resources of Armenia, in which Armenia will join the Eastern Europe Energy Efficiency and Environment Partnership (E5P) with a contribution of approximately $1.1 million to the conglomerate program.
In return, this opens up approximately $21.7 million in grants for energy-efficiency enhancements.
Other countries, including Denmark, Germany, Lithuania, Sweden and the European Union, have pledged support to Armenia as part of the E5P.
“The signing of the contribution agreement is an important milestone for the country and for the fund as well," EBRD E5P Fund Manager Anders Lund said. "We look forward to seeing new projects implemented in Armenia soon with the support of E5P grants. Potential investments can include energy efficiency in public buildings, renewable energy (for example, biomass), street lighting, water and wastewater treatment, solid waste management and public transport.”